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So Yes, the Oil Crash Looks a Lot Like Subprime

The price of crude has been tracking an infamous subprime mortgage index.
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Oil Prices: The Barrel and the Damage Done

One year ago, analysts at Bank of America Merrill Lynch drew a parallel between the subprime mortgage crash and the disorderly fall in the price of oil.

Led by Chris Flanagan, a veteran of the securitization space, the team drew attention to Markit's ABX Index, better known as the mother of all synthetic subprime credit indexes.